ORIX to invest in U.S. energy services company Enovity

Tokyo, Oct.4 : ORIX Corporation, a leading integrated financial services group, announced that it has invested in one of the leading building energy management service company Enovity Inc. (hereinafter, "Enovity").

It has acquired 80 per cent of outstanding shares from Enovity's founders.

Established in 2002, Enovity provides energy-focused and technology-driven professional services to new and existing buildings.

Enovity services include energy management, building automation, commissioning, facility operations and maintenance.

The San Francisco-based firm works with publicly-owned facilities, energy utilities, multinational corporations, and commercial properties to achieve the long-term benefits of healthier and better-performing buildings.

Enovity's integrated energy, operations, and sustainability consulting services support clients with building systems optimization and cost-effective energy solutions at every stage of the building life cycle, from design through construction and throughout the life of an operating building.

Enovity's core operating area, California, is considered one of the most mature and advanced markets for commercial energy efficiency services in the world.

With the purpose of preparing for the future rise in energy prices and reducing environmental impact, companies with fixed targets for the reduction of energy consumption and CO2 emission amount in relation to their business activities are increasing, mainly among international companies expanding their business globally. In the future, it is expected that these measures will expand to their production and business bases in Asia.

Furthermore, the energy saving market is expected to expand in the Asian region, including China, which announced an energy consumption reduction target of 16pc per unit of GDP in five years from 2010, Singapore, which requires energy saving construction certification for large scale buildings, and the Philippines where power demand is expected to grow in accordance with its economic growth.

Enovity co-founders Greg Cunningham and Jonathan Soper stated that "ORIX brings to Enovity the critical leverage to expand our footprint across the United States as well as into new markets in Asia, while enhancing our strategy of providing the best technology the world can offer to our clients in any region. With one of the largest financial services companies in the world as our partner, we are excited to build more value for new and existing clients through our unique integrated service offering."

In Japan, ORIX is expanding into energy related businesses across a wide range of areas including energy saving service business (ESCO), electric power trading and power generation using renewable energy such as solar, geothermal and wood chip biomass. Overseas, ORIX intends to expand its energy related business in Asia where high demand is expected along with the growing economies in the region, as it has done so with the capital participation in the Philippines energy services company Global Business Power Corporation in June 2013.

In addition to supporting the expansion of Enovity in the U.S., ORIX aims to expand its energy and environment related business in Asia by leveraging its Asian business network and the expertise of Enovity.

--ANI (Posted on 04-10-2013)

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